Dril-Quip (NYSE:DRQ) Coverage Initiated by Analysts at StockNews.com

Equities researchers at StockNews.com initiated coverage on shares of Dril-Quip (NYSE:DRQ) in a research note issued to investors on Friday. The brokerage set a “sell” rating on the oil and gas company’s stock.

Dril-Quip Stock Performance

The firm has a 50 day simple moving average of $15.98 and a two-hundred day simple moving average of $18.76. The stock has a market capitalization of $530.41 million, a price-to-earnings ratio of -24.08 and a beta of 0.84. Dril-Quip has a 1-year low of $14.07 and a 1-year high of $30.93.

Dril-Quip (NYSE:DRQ) last announced its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.07). Dril-Quip had a negative net margin of 5.69% and a negative return on equity of 2.49%. The company had revenue of $120.34 million for the quarter, compared to analysts’ expectations of $118.85 million. During the same quarter in the prior year, the business posted ($0.03) earnings per share. The firm’s revenue was up 34.3% compared to the same quarter last year. On average, research analysts predict that Dril-Quip will post 0.45 EPS for the current year.

Insider Buying and Selling

In other news, VP James C. Webster sold 6,000 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $14.67, for a total transaction of $88,020.00. Following the sale, the vice president now directly owns 56,735 shares in the company, valued at approximately $832,302.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in DRQ. CWM LLC increased its holdings in Dril-Quip by 564.0% in the 2nd quarter. CWM LLC now owns 2,696 shares of the oil and gas company’s stock worth $50,000 after acquiring an additional 2,290 shares in the last quarter. Kings Path Partners LLC purchased a new position in Dril-Quip during the second quarter valued at $52,000. Central Pacific Bank Trust Division acquired a new stake in shares of Dril-Quip in the first quarter valued at about $104,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Dril-Quip during the first quarter worth about $219,000. Finally, PNC Financial Services Group Inc. increased its stake in shares of Dril-Quip by 37.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 9,511 shares of the oil and gas company’s stock worth $221,000 after purchasing an additional 2,569 shares in the last quarter.

About Dril-Quip

Dril-Quip, Inc, together with its subsidiaries, designs, manufactures, sells, and services engineered drilling and production equipment for offshore and onshore applications worldwide. The company’s principal products include subsea and surface wellheads, specialty connectors and associated pipes, subsea production trees and systems, mudline hanger systems, production riser systems, dry tree systems, subsea manifolds, line hangers and expandable liner systems, multi-frac well connections, conventional wellheads, thermal wellheads, completion packers, and safety and kelly valves; and rig equipment comprises drilling riser systems, wellhead connectors, diverters, and cement manifolds.